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• Marriott for End-of-Life Services
• The Utility Company for Funerals

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• Funeral Services: Provides comprehensive planning and execution for traditional funerals, cremation services, memorial gatherings, and grief support.
• Cemetery Services: Offers interment options, sales of burial plots and mausoleums, monument and marker sales, and ongoing grave site maintenance.

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Carriage Services (symbol: CSV) primarily sells its services directly to individuals rather than to other companies. The company operates funeral homes and cemeteries across the United States, providing a complete array of funeral and cemetery services and merchandise to client families.

Based on its business model, the major categories of customers it serves are:

• Families making at-need arrangements: These customers are families who have experienced an immediate loss and require funeral, cremation, and/or cemetery services promptly to honor their loved one. These services are typically arranged in the days immediately following a death.
• Individuals making pre-need arrangements: These customers are individuals who plan and pay for their funeral and/or cemetery services in advance of their death. This allows them to make personal choices, potentially lock in current prices, and relieve their families of decision-making and financial burdens during a difficult time.
• Families/Individuals purchasing cemetery property and related services: This category includes customers who purchase burial plots, mausoleum space, cremation niches, and associated interment/inurnment services. These purchases can be made at-need or pre-need, focusing specifically on memorialization and final resting places within the company's cemeteries.

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Carlos R. Quezada, Vice Chairman of the Board and Chief Executive Officer

Carlos R. Quezada was appointed Chief Executive Officer of Carriage Services in June 2023. He joined the company in 2020 as Vice President of Cemetery Sales and Marketing and has since held several key roles, including Senior Vice President of Sales and Marketing, Executive Vice President and Chief Operating Officer, and President. Prior to joining Carriage Services, Mr. Quezada served as a Managing Director at Service Corporation International (SCI) from 2009 to 2020, where he played a pivotal role in sales and operations. His career also includes leadership positions such as CEO, President, COO, and CMO for privately held multiunit entities in the hospitality industry. It is not explicitly stated whether he founded companies or sold companies he was previously involved with to an acquirer. Information regarding a pattern of managing companies backed by private equity firms is not explicitly available.

John Enwright, Senior Vice President, Chief Financial Officer and Treasurer

Prior to joining Carriage Services, Mr. Enwright held the position of Vice President of Financial Planning and Analysis at Vera Bradley from 2015 to 2017. Before that, he served as Director of Finance – Americas for Tiffany and Company from 1999 to 2014, where he held various roles of increasing responsibility and was responsible for leading, executing, and advising on financial planning and analysis, treasury, and continual business improvement activities. It is not explicitly stated that Mr. Enwright founded or managed other companies, sold companies to an acquirer, or has a pattern of managing private equity-backed companies.

Steven D. Metzger, President

Steven D. Metzger leads Carriage Services' Corporate Development, Legal, HR, Supply Chain, Continuous Improvement, and Risk Management Teams. He joined the Company in May 2018 and was promoted to Senior Vice President and General Counsel in February 2019. In 2021, he was further promoted to Executive Vice President and Chief Administrative Officer, in addition to his General Counsel and Secretary roles. Before his tenure at Carriage, Mr. Metzger was Senior Vice President, General Counsel, and Secretary for a publicly traded company in the restaurant industry from 2016 to 2018.

Rob Franch, Chief Information Officer

Rob Franch became Chief Information Officer at Carriage Services in April 2022. Prior to joining Carriage, he served as the Chief Technology Officer for Cushman & Wakefield from 2014 to 2022, where he was responsible for leading the Application, Infrastructure, and Collaboration delivery for a global workforce. Mr. Franch has also held senior leadership positions at AON Corporation, Bank of America, and LaSalle Bank.

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1. High Leverage: Carriage Services has a significantly higher net debt to EBITDA ratio compared to the market average, making it particularly susceptible to interest rate fluctuations and limiting its financial adaptability. The company's debt to EBITDA ratio has been noted around 4.2x to 5.8x, well above the market average of 1.3x. This high leverage increases refinancing and interest-rate risk.
2. Stagnant Revenue Growth: The company has experienced minimal to flat revenue growth, making it challenging to expand its top line without substantial increases in volume or prices. This is partly influenced by volatility in preneed cemetery interment rights sales and broader economic conditions affecting consumer discretionary income and confidence.
3. Changes in Consumer Preferences: There is an ongoing trend of increasing cremation rates in the United States, which poses a risk to Carriage Services. As the average revenue generated from cremations is typically lower than that from traditional burials, this shift in consumer preference could lead to a decrease in overall revenue and potential loss of market share to cremation-focused firms.

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The clear emerging threat to Carriage Services is the proliferation of digitally-enabled, direct-to-consumer cremation and funeral planning services. These companies often operate with significantly lower overhead, leveraging online platforms to provide simplified, more affordable options for end-of-life arrangements, challenging the traditional full-service funeral home model and potentially commoditizing parts of the funeral market by offering greater price transparency and convenience without requiring a traditional funeral home visit.

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Carriage Services (CSV) operates in the deathcare industry, primarily offering funeral and cemetery services and merchandise in the United States.

The main products and services of Carriage Services fall into two segments:

• Funeral Home Operations: These services include burial, cremation, consultation, removal and preparation of remains, and the sale of caskets, urns, and other related funeral merchandise.
• Cemetery Operations: These services involve providing interment rights (such as grave sites, mausoleum spaces, and niches), associated merchandise (including memorial markers and outer burial containers), and services like interments and inurnments.

Addressable Market Sizes (United States):

• The overall death care industry in the United States, which encompasses funeral services, cremation services, memorial products, and related services, is estimated to be approximately $75 billion in 2025. It is projected to reach around $103.5 billion by 2030, growing at a compound annual growth rate (CAGR) of about 6.67% from 2025 onward.
• The U.S. funeral homes market size was valued at USD 13.03 billion in 2024 and is projected to reach USD 13.72 billion in 2025. Another estimate for the U.S. funeral market indicates a value of approximately $20.8 billion annually in 2025.
• The market size for cremation services in the U.S. was $2.4 billion in 2024 and is projected to remain $2.4 billion in 2025.
• The cemetery services market in the U.S. was valued at $6.4 billion in 2024 and is projected to be $6.4 billion in 2025.

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Carriage Services (CSV) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Growth in Cemetery Preneed Sales: The company has demonstrated strong performance in this area, with a reported 21.4% year-over-year increase in cemetery preneed sales. This growth is a direct result of CSV's strategic focus on prearranged funeral and cemetery services, which is effectively capturing rising demand for premium services. The company remains confident in growing pre-need cemetery sales within a 10%-20% range.
2. Expansion of Insurance-Funded Prearranged Funeral Sales: Carriage Services has made significant progress in insurance-funded prearranged funeral sales, with September setting an all-time high and surpassing the $7 million mark. The company anticipates continued expansion in this segment.
3. Unlocking Pent-Up Demand from Delayed High-End Cemetery Inventory Projects: While there have been some delays in cemetery inventory projects, the completion of these high-end projects is expected to unlock pent-up demand in the second half of the current year and into 2026. This suggests a future revenue boost as these offerings become available.
4. Strategic Acquisitions: Carriage Services continues its strategic growth through acquisitions, having recently welcomed new entities such as Faith Chapel Funeral Homes and Crematory and Osceola Memory Gardens Cemetery. These acquisitions contribute to the expansion of its service offerings and market reach.

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Share Repurchases

• In the second quarter of 2021, Carriage Services invested $12.3 million to repurchase 325,000 shares at $38 per share.
• Concurrently in Q2 2021, the approved stock repurchase program was increased by $25 million, raising the total authorization to $63 million.
• The company's 3-year average share buyback ratio was 0.2 as of November 5, 2025.

Outbound Investments

• In Q3 2025, Carriage Services completed acquisitions that served over 2,600 families and generated more than $15 million in prior-year revenue.
• The company announced its return to growth through strategic acquisitions in Q2 2025, with businesses under contract expected to generate over $15 million in prior-year revenue.
• Recent acquisitions and expansion into new markets signify Carriage Services' return to a growth strategy.

Capital Expenditures

• For Q3 2025, the net cash outflow from acquisitions, divestitures, and capital expenditures amounted to $44.7 million, with a year-to-date total cash usage from these activities of $31.9 million.
• Carriage Services' 2025 outlook includes the expected impact of total capital expenditures, covering both growth and maintenance.